Colorado sportsbooks reported major success in September 2022. The Colorado Department of Revenue released the official numbers and it shows an increase in betting handle and record-setting revenue. The report shows that $450,232,596.97 was wagered on sports. Additionally, $51,339,659.25 was collected in Colorado sports betting revenue.
Colorado Revenue Record
The record-setting sports betting revenue numbers show a nearly double increase month over month compared to August. Sportsbooks reported $25.9 million in betting handles in August 2022. The record was set off of an 11.4% hold rate.
Of the $51.3 million reported Colorado sports betting revenue, $2,989,342.47 went to the state in taxes. This is the largest tax sum the state has collected since its launch. The bulk of the revenue came from online sportsbooks which were responsible for $50,680,011.95 in reported revenue and $2,949,757.51 in state taxes.
Online Sportsbooks Dominate
Online sportsbooks in Colorado continue to dominate the market. Mobile apps were responsible for $445,624,933.04 of total wagers to just $4,607,663.93 from retail operators. This is 98.9% of the total sports betting market in Colorado.
Colorado is home to 26 online sportsbooks. The variety of options and convenience of online betting is why this is the market leader. The last four consecutive months saw over 90% of the total wagers reported in Colorado come from online sportsbooks. This trend is only expected to continue in the Centennial State.
Football Sets The Market
Unsurprisingly, the NFL was responsible for the bulk of wagers being placed. September marked the first month of NFL bets which directly correlates with the increase in overall wagers in Colorado. 32.4% of all bets came from NFL wagers. This was followed by baseball which saw 18.5% of total bets.
Colorado Bets By Sport
Football – Pro American 32.4%
NCAA Football 11.7%
Table Tennis 1.3%
Baseball wagers being the second most at sportsbooks is unsurprising as the MLB playoffs began in September. with the NFL season still ongoing and the NBA season now live, the options for betting a vast at Colorado sportsbooks. An increase in activity is unsurprising going forward.